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Quantum Computing (QUBT) Completes Restatement and Files Form 10-K/A for Fiscal Years 2023 and 2022

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September 11, 2024 5:00 PM EDT

Quantum Computing Inc. ("QCi" or the "Company") (Nasdaq: QUBT), an innovative, integrated photonics and quantum optics technology company, announced that on September 11, 2024, the Company filed its Form 10-K/A for the year ended December 31, 2023, with the United States Securities and Exchange Commission (SEC). The filing contains the restatement of the Company's previously issued consolidated financial statements for the fiscal years ended December 31, 2023 and 2022.

The Company's reaudit and restatement was done in conjunction with the previously announced change of auditor. Effective May 3, 2024, the Company dismissed BF Borgers CPA PC ("BF Borgers") as its independent registered public accounting firm, in parallel with an order by the SEC suspending BF Borgers from appearing and practicing as an accountant before the SEC, and effective June 6, 2024, appointed BPM LLP ("BPM") as the Company's independent registered public accounting firm.

The adjustments in the restated financial statements had no material impact on the Company's cash balances or operating cash flows. The restated financials contain the following material adjustments:

  • Corrections to the purchase accounting relating to the June 2022 merger with QPhoton, LLC
  • Corrections to the accounting for the Series A Preferred dividends and warrants
  • Adjustments to stock-based compensation expenses and related prior period retained earnings to reflect an election change in accounting policy
  • Corrections to the historical and subsequent accounting for debt and equity issuance costs
  • Reserving a collection risk for notes receivable
  • Adjusting the recognition period for certain operating expenditures

The below tables outline in detail certain non-cash restatements ($ in thousands, excluding per share information):

2023

Increase / (Decrease)

2022

Increase / (Decrease)

Amount

$

%

Amount

$

%

Revenue

$358

-

-

$136

-

-

Gross profit

$162

-

-

$75

-

-

Operating expenses

$26,405

($979)

(4 %)

$28,720

($7,934)

(22 %)

Other income and

($779)

($1,730)

(69 %)

$2,667

$4,682

232 %

expenses

Net loss

($27,022)

$2,709

(9 %)

($25,978)

$12,616

(33 %)

Net loss available to

($27,833)

$1,848

(6 %)

($26,867)

$11,727

(30 %)

common

stockholders

Loss per share

($0.42)

$0.04

11 %

($0.73)

$0.04

(6 %)

Weighted average

66,611

(10,840)

(14 %)

36,680

(19,283)

(34 %)

shares outstanding

Shares outstanding

77,451

-

-

55,963

-

-

Cash

$2,059

-

-

$5,308

-

-

Total Assets

$74,355

($4,373)

(6 %)

$78,511

($10,790)

(12 %)

Total Liabilities

$5,652

$193

4 %

$13,387

($1,017)

(7 %)

Total Stockholders'

$68,703

($4,566)

(6 %)

$65,124

($9,773)

(13 %)

Equity

The Company anticipates filing Form 10-Qs for periods ending March 31, 2024, and June 30, 2024 with the SEC as soon as practicable to regain compliance with Nasdaq Listing Rule 5250(c)(1).


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